10 Main Going Condo?

Recommended Posts

Several friends told me last week to pack my bags, 10 Main is going condo. I received a letter from Blair Tower with the subject line "we hear you have to move???" Anyone know specifics (not rumors) about this? For those unfamiliar with 10 Main, it's one a few remaining apartment buildings in downtown Memphis proper. Certainly the nicest. Many apartments down here have gone condo.

If all the apartments in downtown Memphis are converted, I predict a downward spiral for condo sales. I suspect that people would like to "try out" living downtown before pumping $200k into a 1500 square foot condo with no yard.

Share this post

Link to post

Share on other sites

Several friends told me last week to pack my bags, 10 Main is going condo. I received a letter from Blair Tower with the subject line "we hear you have to move???" Anyone know specifics (not rumors) about this? For those unfamiliar with 10 Main, it's one a few remaining apartment buildings in downtown Memphis proper. Certainly the nicest. Many apartments down here have gone condo.

If all the apartments in downtown Memphis are converted, I predict a downward spiral for condo sales. I suspect that people would like to "try out" living downtown before pumping $200k into a 1500 square foot condo with no yard.

The tax incentive financing on all those properties is expiring. The financing was only available for rental units. That's why everything's being converted.

Share this post

Link to post

Share on other sites

The five year tax incentive plays well into the rumor. I think 10 Main was finished in 2000, and 2005 would obviously be the year the incentive fades. Echelon was finished in 1999 or 2000, no? Truly, the push for condos has made rental living in downtown Memphis proper harder to come by. Guess we'll have to wait for one of the new tower projects, if they ever break ground.

Share this post

Link to post

Share on other sites

Several friends told me last week to pack my bags, 10 Main is going condo. I received a letter from Blair Tower with the subject line "we hear you have to move???" Anyone know specifics (not rumors) about this? For those unfamiliar with 10 Main, it's one a few remaining apartment buildings in downtown Memphis proper. Certainly the nicest. Many apartments down here have gone condo.

If all the apartments in downtown Memphis are converted, I predict a downward spiral for condo sales. I suspect that people would like to "try out" living downtown before pumping $200k into a 1500 square foot condo with no yard.

This may not be as bad as you think. With interest rates as low as they are now, I wouldn't be surprised if condo payments wouldn't be any higher than apartment rent. And you get the income tax deduction plus a possible increase in equity if you buy.